Nasdaq index shows relative strength vs other indices; potential early bottom formed, entering next upward phase.

So, we said there was a potential bottom here when the market hit that low level, but the Nasdaq fell even further at that time.

Let's look at the Nasdaq index next. And this is the Nasdaq here, you can see it, look, this is what I'm talking about. The Nasdaq performed much worse earlier, then took this form where it bounces back and doesn't lose much ground.

So, what we have here is the possibility that this was an early bottom here, and that we are now in the next upward phase. We now have a stronger position in the Nasdaq index than we have had before, and it is considerably stronger than what we see in other indices.

Here, you can also see this negative cycle on the daily chart of the Nasdaq index. It rose even higher. It is very close to the 78.6% level there. This is important.

The breakout from the session peak will be here if it surpasses 29,753. So, this is a key number. If it breaks through that level, then we will know that the bottom that formed here on the daily and weekly charts was the important bottom.

This will put it out of sync with the S&P 500 and other indices.

A stronger market; the bottom here was expected in mid-September, and the top here came in June, not in August where other indices peaked. So, you can see that it is definitely outside the time frame. The momentum here is still negative.

In trader mode, you can see here that what we are looking at is SPY and QQQ, they were actually... sorry, I'm in short-term mode. I want to move to the medium term. Their rating dropped from slightly upward to neutral on the 10th and 14th days.